Arista Networks, Inc. (NYSE:ANET) Stock Position Raised by ING Groep NV

ING Groep NV increased its position in Arista Networks, Inc. (NYSE:ANET - Free Report) by 188.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 821,800 shares of the technology company's stock after buying an additional 536,864 shares during the period. ING Groep NV owned 0.07% of Arista Networks worth $63,673,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Quarry LP increased its stake in shares of Arista Networks by 381.5% during the 4th quarter. Quarry LP now owns 260 shares of the technology company's stock worth $29,000 after purchasing an additional 206 shares during the last quarter. Dunhill Financial LLC increased its position in Arista Networks by 415.7% during the fourth quarter. Dunhill Financial LLC now owns 263 shares of the technology company's stock worth $29,000 after buying an additional 212 shares during the last quarter. McIlrath & Eck LLC acquired a new position in Arista Networks during the fourth quarter worth $35,000. Aster Capital Management DIFC Ltd acquired a new position in Arista Networks during the fourth quarter worth $37,000. Finally, HighMark Wealth Management LLC increased its position in Arista Networks by 179.7% during the first quarter. HighMark Wealth Management LLC now owns 358 shares of the technology company's stock worth $28,000 after buying an additional 230 shares during the last quarter. Institutional investors and hedge funds own 82.47% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on ANET. Wedbush began coverage on Arista Networks in a report on Wednesday, May 28th. They set an "outperform" rating on the stock. Barclays lowered their price target on Arista Networks from $126.00 to $119.00 and set an "overweight" rating on the stock in a report on Thursday, May 8th. KeyCorp initiated coverage on shares of Arista Networks in a research note on Thursday, June 26th. They issued an "overweight" rating and a $115.00 target price on the stock. JPMorgan Chase & Co. raised their target price on shares of Arista Networks from $110.00 to $130.00 and gave the company an "overweight" rating in a research note on Thursday, July 17th. Finally, Citigroup raised their target price on shares of Arista Networks from $112.00 to $123.00 and gave the company a "buy" rating in a research note on Friday, July 11th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $114.00.

Insider Buying and Selling

In related news, SVP Kenneth Duda sold 30,000 shares of the business's stock in a transaction on Thursday, July 17th. The stock was sold at an average price of $111.19, for a total value of $3,335,700.00. Following the sale, the senior vice president owned 12,976 shares of the company's stock, valued at $1,442,801.44. The trade was a 69.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kelly Bodnar Battles sold 864 shares of the business's stock in a transaction on Friday, July 25th. The shares were sold at an average price of $114.68, for a total value of $99,083.52. Following the completion of the sale, the director directly owned 7,460 shares in the company, valued at approximately $855,512.80. This represents a 10.38% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,635,562 shares of company stock valued at $291,955,743 over the last ninety days. Company insiders own 3.54% of the company's stock.

Arista Networks Price Performance

ANET opened at $117.56 on Monday. Arista Networks, Inc. has a fifty-two week low of $59.43 and a fifty-two week high of $133.57. The firm's fifty day moving average price is $101.48 and its two-hundred day moving average price is $94.81. The company has a market capitalization of $147.65 billion, a P/E ratio of 49.76, a P/E/G ratio of 3.42 and a beta of 1.37.

Arista Networks (NYSE:ANET - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported $0.65 earnings per share for the quarter, topping analysts' consensus estimates of $0.59 by $0.06. Arista Networks had a net margin of 40.72% and a return on equity of 30.48%. The firm had revenue of $2 billion for the quarter, compared to the consensus estimate of $1.97 billion. During the same quarter in the previous year, the company earned $0.50 earnings per share. The business's revenue was up 27.6% compared to the same quarter last year. On average, equities research analysts expect that Arista Networks, Inc. will post 2.2 EPS for the current fiscal year.

Arista Networks announced that its Board of Directors has approved a stock buyback plan on Tuesday, May 6th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the technology company to buy up to 1.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its shares are undervalued.

About Arista Networks

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.

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